Hall of Fame Resort finds financial supports with Litcher, Stark Community Foundation
CANTON – Hall of Fame Resort & Entertainment Co. has secured loans to finance ongoing construction of the Hall of Fame Village powered by Johnson Controls.
According to a filing Friday afternoon with the U.S. Securities and Exchange Commission, the company borrowed $10.5 million from CH Capital Lending and $5 million from the Stark Community Foundation.
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CH Capital Lending is affiliated with Stuart Lichter, a director on the Hall of Fame Resort board who has been involved with the Hall of Fame Village project for several years.
Stark Community Foundation formed 60 years ago and has managed more than 850 charitable funds of various sizes. The foundation has nearly $400 million in assets.
The loan agreements, which both were issued on Thursday, have been filed with the SEC.
Multiple lending sources in Hall of Fame Village project
Hall of Fame Resort has been compiling funding from a variety of sources as it moves forward with the Hall of Fame Village development.
The loan with CH Capital is due on Sept. 10 and has a 12% interest rate. According to the filing, the loan is a mortgage on four lots where the Fan Engagement Zone is being built.
Lichter is president and founder of Industrial Realty Group and has helped to finance the Hall of Fame Village project. Lichter and his affiliated businesses are the largest shareholders in Hall of Fame Resort, holding more than half of the company's stock.
The loan from the Stark Community Foundation has a 6% interest rate and must be paid by May 2029. According to the agreement, the loan will be used toward infrastructure development related to the project.
“We continue to be incredibly grateful for the support from both Stu and the community as we remain focused on making great progress at the village,” Anne Graffice, executive vice president of public affairs, wrote in an email.
Second phase of construction in Hall of Fame Village
The company is in the midst of what it describes as the second phase of the Hall of Fame Village project. The first phase involved construction of Tom Benson Hall of Fame Stadium and youth athletic fields south of McKinley High School.
The second phase has seen construction of the Constellation Center for Excellence. Work is progressing on the Fan Engagement Zone retail promenade north of the stadium, and construction has started on the center for performance, a 100,000-square-foot domed facility that will host a variety of programs and events.
Still to come are a 180-room hotel and a water park. That work is scheduled to begin later this year with completion expected before the end of 2023.
Hall of Fame Resort has stated it plans to have the Fan Engagement Zone open before Pro Football Hall of Fame enshrinement festivities in August.
Tenants lined up for the retail complex include a Don Shula's restaurant, a Helix Esports Center, which will be operated by Esports Entertainment Group, and a Topgolf Swing Suite that will be paired with craft brewery The Brew Kettle.
Hall of Fame Village is one of three business units being developed by Hall of Fame Resort. The company also has a media business developing content for television and gaming, which includes a fantasy football league and hopes to have sports betting.
This article originally appeared on The Repository: HOF Resort secures loans from director, Stark Community Foundation
